Cryptocurrencies: Crypto gets the jitters

On November 23, there was panic selling on Indian crypto exchanges, with the price of all major crypto tokens crashing

The terse introduction to the proposed Cryptocurrency and Regulation of Official Digital Currency (CRDC) Bill, 2021, made public on November 23, has left India’s crypto-investors in a state of panic. While it was widely expected in circles familiar with India’s newfound love for crypto (see our previous cover story, titled Cryptomania) that the Centre would possibly bring in new norms to regulate cryptocurrencies, a blanket ban on all private crypto was unexpected. The bill is likely to be tabled in the forthcoming session of Parliament, which gets under way on November 29.